XML 18 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
REVENUES    
Oil and gas revenue $ 1,330,198 $ 552,345
Total operating revenue 1,330,198 552,345
EXPENSES OF OPERATIONS    
Lease operating expense and severance tax 626,210 403,974
General and administrative expense 1,492,580 1,447,298
Depreciation and depletion 245,606 364,810
Impairment expense 2,519,032
Total operating expenses 2,364,396 4,735,114
Loss from operations (1,034,198) (4,182,769)
OTHER INCOME    
Interest income 12,964 12,748
Other income 164,706
Interest expense (296) (31,759)
Total other income, net 12,668 145,695
Loss before taxes (1,021,530) (4,037,074)
Income tax expense (benefit)
Net loss (1,021,530) (4,037,074)
Dividends to Series A and B Preferred shareholders (37,201) (231,900)
Net loss attributable to common shareholders $ (1,058,731) $ (4,268,974)
Basic and diluted net loss per common share outstanding $ (0.11) $ (0.62)
Basic and diluted weighted average number of common shares outstanding 9,671,909 6,939,305